The tax office collected 1.33 quadrillion Rp in tax revenue last year, 84.4 percent of the full-year target, causing a shortfall of  245.5 trillion Rp, the worst in at least the last five years. (Source: https://www.thejakartapost.com/)

Indonesia’s budget deficit predicted to widen to 2.8 percent

Indonesia’s 2020 state budget deficit is likely to further increase to 2.8 percent of the country’s gross domestic product (GDP), much higher than the government’s target, as tax reforms would result in lower revenue collection, according to local economists.

Illustrative image (Photo: Internet)

Indonesia’s budget deficit rises in 11 months

Indonesia’s budget deficit neared US$26.28 billion during January - November, or 2.29 percent of the gross domestic product (GDP), compared to 1.8 percent of the GDP during the same period last year.